Image source: Pixabay

On Thursday, the UK's FTSE 100 index reached a one-week peak, propelled by gains in interest rate-sensitive sectors like real estate and personal goods. This shift in market sentiment came as investors adjusted their expectations, scaling back on the notion of prolonged elevated interest rates in the UK. The FTSE 100, which includes numerous companies heavily reliant on exports, witnessed a 0.4% increase in its value in early trade before rolling over inline with a general pull back in risk sentiment as US markets failed to maintain overnight gains driven by blowout earnings from chipmaker Nvidia.

Taking the brunt of the losses were life insurance companies Aviva and Legal & General which faced a decline in their stock prices, ranging from 0.4% to 1.8%. This dip was attributed to the fact that the companies were trading ex-dividend, a scenario where new buyers of the shares would not be entitled to the most recent dividend payment.

On the positive side of the ledger JDSport had a decent rebound gaining 3.4% on the session from yesterday's losses attributed to concerns about its US peer Foot Locker whose shares were slashed by 35% Stateside. 

Markets appear to be in a holding pattern ahead of theJacksonhole Syposium which kicks off this evening with the main event being an address by Fed Chair Jerome Powell tomorrow, market participants will be keen to glean insights into whether or not the Fed are likely to continue to remain in a wait and see, data dependent mode or are more inclined to move towards further rate hikes.

FTSE Intraday Bullish Above Bearish below 7435

• Below 7300 opens 7250
• Primary supportis 7220
• Primary objective 7158
• 20 Day VWAP bearish, 5 Day VWAP bearish

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